Companies are today becoming more digital. By digital some mean new technology, for some it is a new way of doing business. Business leaders must have a clear picture of what digital really means and what it means to their business. The term 'digital' should be less seen as a thing and more a way of doing things. There are three attributes to the definition of digital: Creating value at new frontiers: being digital requires being open to new ways of doing business, and understanding where the new value frontiers are. It also means staying closely connected to customer decisions and understanding their expectations in order to keep us with the trend.
Creating value in core businesses: the next element in being digital is to use new capabilities to improve how customers are served. An interconnected set of four core capabilities namely proactive decision making, contextual interaction, real time automation and journey focused innovation can help implement a cyclical dynamic where processes constantly evolved based on inputs from the consumer.
Building foundational capabilities: the final element is about the technology and organizational processes that help enterprises become agile and fast. The two core elements used for such process are mind sets and system data and architecture.
Digital is about unlocking the growth now and also a clear picture of what digital means helps the business to capture maximum value.
Read more at: http://www.mckinsey.com/insights/high_tech_telecoms_internet/what_digital_really_means